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May 23, 2019

Aon, CNA, Everest Re and Hartford join blockchain consortium

The Institutes’ RiskStream Collaborative has announced that seven insurance companies including Aon, CNA, Everest Re and Hartford have joined its blockchain consortium.

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How will blockchain impact the insurance industry?

Blockchain remains a nascent technology in the insurance industry, despite previous years’ hype having died down. The technology promises to improve transparency and potentially rebuild trust post-COVID-19, as well as improve efficiency and cut down on admin time. GlobalData has therefore forecast blockchain technology to take off over the next decade and grow across all industries, translating into increased usage across the insurance industry. As a result, blockchain specialists are set to influence the incumbent insurers with product developments and ideas – find out more in our latest whitepaper on blockchain in insurance. Use our report to gain insights into:
  • How blockchain technology can impact insurance
  • Social media discussions surrounding blockchain
  • How much is being invested in blockchain in Insurance
  • Key case studies within the industry
Read our report now to understand how blockchain technology is expected to influence the insurance sector, and how companies can adapt alongside it.
by GlobalData
Enter your details here to receive your free Report.

Other members from the property and casualty insurance industry joining the organisation include Extraordinary Re, The Norfolk & Dedham Group, and Selective Insurance Company of America.

The Institutes RiskStream Collaborative tests blockchain-based applications with an aim to reduce industry transaction expenses and improve customers’ experience.

It also aims to boost the speed and security of data transfers among customers, industry stakeholders, and third parties.

Separately, eight firms have also joined the life and annuity sector, bringing the total number of member companies to 39.

These firms are American Family Life Insurance Company, American Fidelity Corporation, Horace Mann Educators Corporation, John Hancock, Nationwide, Prudential Financial, Securian Financial, USAA.

RiskStream Collaborative president Christopher McDaniel said: “Blockchain becomes exponentially more powerful as more organizations connect to it, and expanding our use cases to support members in life and annuity companies will allow for even greater opportunities to reduce fraud and improve consumer satisfaction.”

RiskStream Collaborative has also teamed up with LIMRA to develop mortality monitor. The solution is aimed at offering notification to members of the death of life insurance and annuity policyholders in real-time.

Recently, Aon, Guy Carpenter, RenaissanceRe and Everest Re, teamed up with The Institutes RiskStream Collaborative to modernise the reinsurance placement process using distributed ledger technology (DLT).

Free Report
img

How will blockchain impact the insurance industry?

Blockchain remains a nascent technology in the insurance industry, despite previous years’ hype having died down. The technology promises to improve transparency and potentially rebuild trust post-COVID-19, as well as improve efficiency and cut down on admin time. GlobalData has therefore forecast blockchain technology to take off over the next decade and grow across all industries, translating into increased usage across the insurance industry. As a result, blockchain specialists are set to influence the incumbent insurers with product developments and ideas – find out more in our latest whitepaper on blockchain in insurance. Use our report to gain insights into:
  • How blockchain technology can impact insurance
  • Social media discussions surrounding blockchain
  • How much is being invested in blockchain in Insurance
  • Key case studies within the industry
Read our report now to understand how blockchain technology is expected to influence the insurance sector, and how companies can adapt alongside it.
by GlobalData
Enter your details here to receive your free Report.

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